Despite the challenging conditions arising due to COVID-19 pandemic, companies listed on the Qatar Stock Exchange (QSE) have posted impressive results in the first quarter of the current year compared to the same period last year.
The combined net profits of companies listed on QSE have reached QR10.92bn for the first quarter of 2021, showing a growth of 30.74 percent compared to the same quarter in the last year.
Strong results of the companies have also boosted investors’ sentiments. Encouraged by the positive first quarter results, the QE Index has surged around 5 percent or 510 points in April and reached very close to 11,000 mark.
The benchmark index had closed at 10,911 points on the last trading session of the month on April 30. “All of Qatar Stock Exchange listed companies - with the exception of Qatar General Insurance & Reinsurance Company - have disclosed their financial results for the period ended March 31, 2021. The results show a net profit of QR10.92bn compared to QR8.36bn for the same period last year, the amount shows an increase of 30.74 percent.
The QSE management wishes to thank all the listed companies for their cooperation in promoting the principle of disclosure and transparency,” said the QSE in a statement posted on its website. Companies have reported profits amid challenges posed by COVID-19 pandemic.
Despite the testing environment, Qatari companies have managed to deliver profits by optimising their operating cost and taking other prudent measures. Of the total 48 listed companies listed on Qatar Stock Exchange, 13 firms fall in the Banks & Financial Institutions sector. In terms of amount, this sector has come at the top.
The Banks & Financial Institutions sector witnessed net profit of QR6.3bn. Banking major QNB Group led the pack, as its net profit for the first three months of this financial year, reached QR3.3bn.
The Industrial Sector came second in terms of net profits, as the combined net profit of companies in this sector reached QR2.55bn. The Transport sector came third in terms of profitability as net profit of companies in this sector reached QR671.7m.
The Services and Consumer Goods sector posted net profit of QR458m during the first quarter. The Telecom Sector posted QR259.2m net profit, helped by solid performance by Ooredoo and Vodafone Qatar.
The combined net profits of companies in the real estate sector reached QR390.2m. During April, From the 48 listed companies on QE Index shares of 31 companies ended the month with gains, while shares of 17 companies ended negative.
Market capitalization reached QR630.87bn as compared to QR605.81bn at the end of April while trading value during the month reached QR12.71bn.
